Almujtama Alraida inks partnership contract to set up import company

Logo of Almujtama Alraida Medical Co. 

Almujtama Alraida Medical Co. signed a partnership contract with Mohammad Abdullah Abunayyan Investment Co. (formerly Meem Alif Co.) to establish a limited liability company with a capital of SAR 50,000.

The 50-50 joint venture firm will import and sell goods from within and outside Saudi Arabia, the Tadawul-listed company said in a statement.

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The new business will be headquartered in Jeddah.

Mohammad Abdullah Abunayyan Investment is a major shareholder in Almujtama Alraida and owns 9.27% stake, the statement added.

Any fundamental developments regarding the partnership contract will be announced, the company noted.

According to data compiled by Argaam, Almujtama Alraida signed on June 6 a non-binding memorandum of understanding (MoU) with Meem Alif Investment Co. to establish activities for trade, supply and distribution of general and specialty pharmaceuticals, medical supplies, medical equipment, cosmetic products, and other medicines and healthcare products in Saudi Arabia.